The three-bedroom house at 12 Wolseley Grove, Bell Post Hill, sold at auction last Saturday.
The level of urgency from buyers looking to snap up homes in Geelong’s northwest suburbs was underlined as five bidders competed for a house in Bell Post Hill on the market for the first time.
Only one of the potential buyers for the three-bedroom residence at 12 Wolseley Grove was an owner-occupier, with the eventual buyer a Melbourne investor who had already missed out on two other properties in the suburb.
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Harcourts, North Geelong agent Mimi Simunic said the property was a deceased estate and buyers were made aware of structural issues with the house ahead of last weekend’s auction.
The property was listed with $494,000 to $500,000 price hopes.
The auction opened at $450,000 before the property sold for $618,000.
“The property has not been modernised by any stretch of the imagination. (It was) an original cookie cutter, three-bedroom, one bathroom house on a good sized allotment with potential for subdivision,” Ms Simunic said.
“People just want to hear that – even though they’ll probably never subdivide. But it’s something they can put in their back pocket for down the track.”
The three-bedroom house at 12 Wolseley Grove, Bell Post Hill, sold for $618,000 as five bidders contested an auction.
The three-bedroom house at 12 Wolseley Grove, Bell Post Hill, sold for $618,000 as five bidders contested an auction.
Ms Simunic said a first-home buyer, a buyer’s advocate and three investors contested the auction.
“I personally had a buyer that had missed out on two of these (previously). He was an investor from Melbourne, so I knew he had already been stung twice, so I knew he would be determined, I just didn’t realise how determined.”
Ms Simunic said more would need to be spent on the property if it were to be added to the rental pool.
“Because it’s going to be a rental and because it’s never been a rental before, they are going to have to make it compliant.
The three-bedroom house at 12 Wolseley Grove, Bell Post Hill, sold for $618,000 as five bidders contested an auction.
The three-bedroom house at 12 Wolseley Grove, Bell Post Hill, sold for $618,000 as five bidders contested an auction.
“There are some structural issues with the property, but we made it transparent. A building and pest inspection was made available to all the buyers and this way they could their own due diligence.”
On top of structural repairs, other work would make the property compliant as a rental.
“It’s no longer a $618,000 property it will be $750,000 plus,” she said.
PropTrack data shows the median house price in Bell Post Hill has climbed more than 8 per cent in 12 months to $677,500.
“With all the suburban sprawl now and all of these new estates popping up and the population of Geelong increased considerably, people have twigged that postcode 3215 is so wonderfully connected and so close to everything, and they’re paying a premium.”
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